Tibet Mining Teams with Jinchuan Group to Develop Tibet Minerals

Tibet Mining announced on the evening of July 30 that it intends to transfer 25% equity interest in the subsidiary Nimu Copper to Gansu Jinchuan Group Co., Ltd. (hereinafter referred to as Jinchuan Group) in order to introduce Jinchuan Group to fully develop Nimu Hall oxide ore. Resources.

The company has signed a comprehensive strategic cooperation agreement with Jinchuan Group, introduced Jinchuan Group as a strategic partner, and became the second largest shareholder of Nimu Copper. The price of equity transfer is negotiated between the parties. According to the agreement, the two sides will cooperate in the Tibet Palace Copper Project and jointly carry out exploration and prospecting work in Tibet to jointly develop various mineral resources such as copper and lithium. Both sides will jointly build a platform for Tibet's mineral resources.

Nimco Copper currently has a registered capital of 600 million yuan and Tibet Mining Holdings is 99.67%. The announcement said that after the successful cooperation between the two parties, Nimu will introduce the Jinchuan Group's mature management experience, mine exploration and mining technology, and fully develop Nimu Hall oxide mine and mineral resources. The completion of this cooperation will also make The 5,000-ton electrolytic copper construction project and the construction and development of Nimu, one of the company's fund-raising projects, are more scientific and integrated, effectively reducing the overall operating expenses of the Nimu Office Palace copper mine, and significantly improving its operating performance.

According to the agreement, after the completion of the joint venture, the management team recommended by Jinchuan Group will be responsible for the daily production and operation and management of Nimu Copper, and the recommendation of the chief financial officer of Tibet Mining, Jinchuan Group or its subsidiaries will use the marketization method to underwrite the entire copper production of Nimu Copper. mine.

The second largest shareholder is responsible for the day-to-day operations and management of Nimu Copper clearly taking into account the Jinchuan Group's strength and industry status.

Jinchuan Group is China's largest producer of nickel-cobalt-platinum metals and China's third-largest copper producer. In 2011, Jinchuan Group achieved operating income of 110.6 billion yuan, and net profit attributable to shareholders of the parent company was 3.749 billion yuan. Tibet Mining achieved operating income of only 557 million yuan and net profit of 34.33 million yuan.

On the 30th, Tibet Mining closed at 13.89 yuan, down 4.07%.